Sercimmo: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Sercimmo
Largest movements
- Current investments -€348,508
down €348,508 (-13.5%), from €2.6m to €2.2m
- Receivables after one year -€228,916
down €228,916 (-100.0%), from €228,916 to €0
- Cash -€69,204
down €69,204 (-22.1%), from €312,981 to €243,777
mainly Contributions, distributions and other (-€420,000) and Other debts (-€416,822)
- Other debts -€416,822
down €416,822 (-39.9%), from €1.0m to €627,520
- Reserves -€268,538
down €268,538 (-7.4%), from €3.6m to €3.3m
of which Distributable reserves: -€200,183
- Financial charges +€52,823
up €52,823 (+310.8%), from €16,997 to €69,820
- Financial income -€27,631
down €27,631 (-17.3%), from €159,340 to €131,709
- Taxes +€22,036
up €22,036 (+29.8%), from €74,024 to €96,060
- Gross operating margin +€9,423
up €9,423 (+4.5%), from €209,388 to €218,810
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,056,553 | €4,323,224 | -€733,329 | -14.5% |
| Fixed assets | 21/28 | €1,783,091 | €1,752,339 | -€30,752 | -1.7% |
| Tangible fixed assets | 22/27 | €1,188,146 | €1,157,394 | -€30,752 | -2.6% |
| Land and buildings | 22 | €1,188,146 | €1,157,394 | -€30,752 | -2.6% |
| Financial fixed assets | 28 | €594,944 | €594,944 | = | 0.0% |
| Current assets | 29/58 | €3,273,462 | €2,570,885 | -€702,578 | -21.5% |
| Amounts receivable after more than one year | 29 | €228,916 | €0 | -€228,916 | -100.0% |
| Other amounts receivable | 291 | €228,916 | €0 | -€228,916 | -100.0% |
| Amounts receivable within one year | 40/41 | €124,277 | €86,449 | -€37,827 | -30.4% |
| Trade receivables | 40 | €49,652 | €2,971 | -€46,681 | -94.0% |
| Other amounts receivable | 41 | €74,625 | €83,479 | +€8,854 | +11.9% |
| Current investments | 50/53 | €2,585,542 | €2,237,034 | -€348,508 | -13.5% |
| Cash at bank and in hand | 54/58 | €312,981 | €243,777 | -€69,204 | -22.1% |
| Deferred charges and accrued income | 490/1 | €21,747 | €3,625 | -€18,123 | -83.3% |
| Total equity and liabilities | 10/49 | €5,056,553 | €4,323,224 | -€733,329 | -14.5% |
| Equity | 10/15 | €3,928,093 | €3,659,555 | -€268,538 | -6.8% |
| Contributions | 10/11 | €322,262 | €322,262 | = | 0.0% |
| Capital | 10 | €322,262 | €322,262 | = | 0.0% |
| Issued capital | 100 | €322,262 | €322,262 | = | 0.0% |
| Reserves | 13 | €3,605,831 | €3,337,293 | -€268,538 | -7.4% |
| Non-distributable reserves | 130/1 | €77,226 | €77,226 | = | 0.0% |
| Legal reserve | 130 | €77,226 | €77,226 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,355 | €0 | -€68,355 | -100.0% |
| Distributable reserves | 133 | €3,460,250 | €3,260,067 | -€200,183 | -5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €22,785 | €0 | -€22,785 | -100.0% |
| Deferred taxes | 168 | €22,785 | €0 | -€22,785 | -100.0% |
| Amounts payable | 17/49 | €1,105,676 | €663,669 | -€442,007 | -40.0% |
| Amounts payable within one year | 42/48 | €1,105,676 | €663,669 | -€442,007 | -40.0% |
| Trade debts | 44 | €18,509 | €383 | -€18,126 | -97.9% |
| Suppliers | 440/4 | €18,509 | €383 | -€18,126 | -97.9% |
| Taxes, remuneration and social security | 45 | €42,825 | €35,766 | -€7,058 | -16.5% |
| Taxes | 450/3 | €42,825 | €35,766 | -€7,058 | -16.5% |
| Other amounts payable | 47/48 | €1,044,342 | €627,520 | -€416,822 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,752 | €30,752 | = | 0.0% |
| Other operating charges | 640/8 | €24,430 | €25,210 | +€780 | +3.2% |
| Gross operating margin | 9900 | €209,388 | €218,810 | +€9,423 | +4.5% |
| Operating profit (loss) | 9901 | €154,206 | €162,849 | +€8,643 | +5.6% |
| Financial income | 75/76B | €159,340 | €131,709 | -€27,631 | -17.3% |
| Recurring financial income | 75 | €159,340 | €131,709 | -€27,631 | -17.3% |
| Financial charges | 65/66B | €16,997 | €69,820 | +€52,823 | +310.8% |
| Recurring financial charges | 65 | €16,997 | €69,820 | +€52,823 | +310.8% |
| Profit (loss) for the period before taxes | 9903 | €296,549 | €224,737 | -€71,811 | -24.2% |
| Transfer from deferred taxes | 780 | - | €22,785 | +€22,785 | |
| Income taxes | 67/77 | €74,024 | €96,060 | +€22,036 | +29.8% |
| Profit (loss) for the period | 9904 | €222,525 | €151,462 | -€71,062 | -31.9% |
| Transfer from tax-exempt reserves | 789 | - | €68,355 | +€68,355 | |
| Profit (loss) for the period to be appropriated | 9905 | €222,525 | €219,817 | -€2,708 | -1.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.